TVS May 2026 Sales Hit Record as Exports Outrun Home Market

TVS Motor Company sold 5,66,585 units in May 2026, its highest monthly total on record and a jump of 31.37% over the 4,31,275 units it moved in May 2025. The figure (5.67 lakh, or about 567,000 vehicles) covers motorcycles, scooters, mopeds and three-wheelers across both Indian showrooms and overseas markets, and it lands TVS at the front of the festive-season build-up for India’s two-wheeler industry.

The number that did the most work, though, sat below the topline. Exports grew 48.59% while domestic sales rose 24.86%. The home market is still the bigger base, but the faster-moving half of the business now sits abroad, and that is the part of this report worth slowing down for.

The Export Engine Outran the Home Market

Total exports across two-wheelers and three-wheelers reached 1,75,991 units in May 2026, up from 1,18,437 a year earlier. TVS called it the highest international-business performance in its history. Two-wheeler shipments alone hit 1,58,546 units, a 48.34% climb, while three-wheeler exports added another 17,445.

Put the two halves side by side and the gap is hard to miss. Domestic volumes, including three-wheelers, came to 3,90,594 units. Healthy, but growing at half the pace of the overseas book.

That split tracks a wider recovery. Made-in-India two-wheeler shipments rose more than 23% across the last fiscal year after two years of decline, with Latin America and Africa pulling demand back. TVS rides that wave from a strong seat; it shipped roughly 1.05 million two-wheelers in the April to December stretch of the previous fiscal year, second only to Bajaj Auto on the export league table.

Motorcycles Carried the Monthly Record

Inside the two-wheeler count of 5,43,111 units, motorcycles stayed the single largest slice. TVS sold 2,73,802 of them, a 29.45% rise year on year, and that one segment accounted for 50.41% of all two-wheelers leaving its plants.

The sequential read is sharper still. Motorcycle volumes climbed 36.87% over April 2026, the biggest month-on-month gain of any segment and the main reason the company cleared its previous record.

Scooters held up their end too. Sales rose 32.38% to 2,20,740 units, lifting their share of the two-wheeler mix to 40.64%. Mopeds, the workhorse category TVS still leans on in rural India, grew 28.11% to 48,569 units.

Here is how the May mix broke down across the main segments.

Three-Wheelers Booked the Fastest Climb

The smallest business by volume posted the steepest curve. Three-wheeler sales rose 55.36% to 23,474 units, and almost three-quarters of those rolled out to export markets.

• Total three-wheelers: 23,474 units, up from 15,109 a year ago
• Domestic: 6,029 units, a 69.78% jump
• Exports: 17,445 units, up 50.93% and worth more than 74% of segment volume

That overseas tilt mirrors the wider company story. The passenger and goods three-wheeler markets TVS serves abroad, across Africa and South Asia, have been rebuilding after a long currency-and-credit squeeze, and the May numbers suggest that recovery is now running through the order book.

iQube Lifts Electric Volumes to a New High

Electric scooter sales reached 43,362 units, a 55% gain over the 27,976 sold in May 2025 and a fresh monthly peak. Electric models now make up close to 8% of every two-wheeler TVS sells, a share that would have looked fanciful two years ago.

The volume runs almost entirely through one nameplate, the TVS iQube electric scooter range. The iQube has been trading the top spot in India’s electric two-wheeler market with Bajaj’s Chetak and Ather Energy, and it led the segment in January 2026 with roughly 28% share on 34,440 units.

That position matters because the EV (electric vehicle) field has reshuffled fast. Ola Electric, which once held about a quarter of the market, slid to single-digit share over the past year as legacy makers leaned in.

For TVS, the electric line does double duty. It defends the scooter franchise against newer rivals at home, and it gives the company a product to take into export markets that are starting to write their own electrification rules.

How the Record Reads Against Bajaj and Hero

TVS was not alone in posting a strong May. Bajaj Auto, the Pune maker that leads Indian two-wheeler exports, also reported double-digit growth driven by overseas demand, and Hero MotoCorp remains the volume leader in the domestic motorcycle market. The export rebound is lifting the whole field, not just one player.

What sets TVS apart this cycle is the balance. It runs a genuinely broad book, motorcycles, scooters, mopeds, electric two-wheelers and three-wheelers, and in May every one of those segments grew by at least 28%. Few rivals can claim that spread in a single month.

On the export table specifically, the pecking order from the last full fiscal year tells the story: Bajaj first with about 38% of India’s two-wheeler shipments, TVS second on roughly 27.5%, and a clutch of others trailing. The May surge in TVS’s overseas dispatches is the company pressing on that second-place position. You can track the monthly disclosures through the company’s own TVS Motor investor filings.

What the Numbers Signal for FY27

This is the first month of the 2026-27 fiscal year, and TVS has opened it with a record in hand, exports running near 49% growth and EV volumes at an all-time high. Sequential momentum is real too, with total sales up 19.54% over April.

If overseas demand in Latin America and Africa holds through the next two quarters, the export engine keeps the topline growing even when the Indian festive bump fades; if those currencies wobble or freight costs spike again, the same engine that powered this record becomes the variable to watch. For now, the screens read 5.67 lakh, and the faster of the two halves is the one flying out of the country. More detail on the full lineup sits on the TVS Motor corporate site.